Crypto exchange Binance announced on Wednesday that is backing out of its previous plans to acquire FTX. The reversal would essentially leave Sam Bankman-Frieds crypto exchange on the verge of collapse as it continues to face a liquidity crunch. Binances decision to scrap its acquisition plans comes just one day after CEO Changpeng Zhao announced that his company reached a non-binding deal to acquire FTXs non-U.S. businesses, CNBC reported. The executive did not disclose the amount but FTX was valued at $32 billion earlier this year. The deal would have solved FTXs liquidity...
source: https://tokenpost.com/Crypto-exchange-Binance-reverses-decision-to-acquire-FTX-9814
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